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Cebu’s Rico’s Lechon opens its biggest branch in Pasig’s Tiendesitas

IT TOOK a while for a franchiser’s ambition to bring Rico’s Lechon, the popular lechon (roast pig) brand of Cebu to Manila.
“(For) more than five years, I’ve been talking to the owner, Rico Dionson, [about] wanting to franchise it,” Meat Concepts Corp. CEO George Pua told BusinessWorld at the restaurant’s launch on Oct. 24.
As an avid fan of lechon, Mr. Pua was adamant about pursuing a franchise in Manila. Instead the owner offered a sell his 23-year-old brand.
“Last December [2017], the owner offered if our company wanted to purchase the whole thing,” Mr. Pua said. “I told him, ‘I think you know the answer.’”
In May 2018, Meat Concepts Corp. announced its acquisition of the Rico’s Lechon.
Last month, the largest branch of Rico’s Lechon in the country opened in Tiendesitas in Pasig City. It fills a 733 square meter space and has a seating capacity of 300. Featuring its signature tropical safari interior, the restaurant includes a take-out area, and seven VIP rooms which are named after districts in Cebu.
Mr. Pua said that the space was offered to their company and that he is glad about its location since Tiendesitas is “at the center of everything,” adding that Pasig is accessible to other cities.
The Tiendesitas branch offers new dishes that are available exclusively at the store. These dishes include lechon kare-kare (a peanut sauce-based stew), beef tripe kare-kare, tokwa at lechon baboy (tofu with roast pork), and lechon lumpiang shanghai (spring rolls), as well as desserts: buchi (mung bean paste-filled, deep-fried sesame-covered sweet rice balls) with caramel sauce and maja kalabasa (a coconut milk based dessert, made with pumpkin in this version).
“From this store onwards, we will be launching new dishes that would be special for the store only,” Mr. Pua said, adding that the new dishes will be made available in the other branches around Manila depending on customer reception after a month.
He said that a branch of Rico’s Lechon is set to open within the month in UP Town Center in Quezon City, and its biggest provincial branch will open in Mandaue, Cebu in 2019.
Rico’s Lechon in Tiendesistas is located at the 1st Level, Food Village Bldg. B, Ortigas East, Barangay Ugong in Pasig City. It is open from 10 a.m. to 10 p.m. — Michelle Anne P. Soliman

China scours social media, erases thousands of accounts

BEIJING — China’s top cyber authority has scrubbed 9,800 social media accounts of independent news providers deemed to have posted sensational, vulgar or politically harmful content on the Internet, it said late on Monday.
China’s strict online censorship rules have tightened in recent years with new legislation to restrict media outlets, surveillance measures for media sites and rolling campaigns to remove content deemed unacceptable.
The Cyberspace Administration of China (CAC) said in a statement that the campaign, launched on Oct. 20, had erased the accounts for violations that included “spreading politically harmful information, maliciously falsifying (Chinese Communist) party history, slandering heroes and defaming the nation’s image.”
CAC also summoned social media giants, including Tencent’s (0700.HK) Wechat and Sina-owned Weibo, warning them against failing to prevent “uncivilized growth” and “all kinds of chaos” among independent media on their platforms.
“The chaos among self-media accounts has seriously trampled on the dignity of the law and damaged the interests of the masses,” CAC said.
The term “self-media” is mostly used on Chinese social media to describe independent news accounts that produce original content but are not officially registered with the authorities.
Such accounts have proliferated in recent years and range from hard-hitting investigative journalism to celebrity gossip or lewd content. Many are hugely popular due to offering more novel and sensational news than official sources.
Online commentators noted that some of the accounts closed had been sharing false or pornographic content — both of which are illegal in China — but also lamented that some of the accounts targeted in this latest sweep appeared to have merely been too critical.
One Weibo user questioned why an art and entertainment blog called “youshuguang” was blocked.
“The one I really don’t get is youshuguang, who made no sign of violations and wrote emotive content in a well-behaved manner. Why were they still blocked?” the Weibo user wrote.
“You get blocked if you write the truth, get blocked if you write lies, so what are we now supposed to say?”
NGOCN, an group that produced popular articles about social issues in China, also had two accounts deleted but pledged in a statement to continue producing content.
“This is an era of accounts being obliterated,” the group said. “It went from a single article being blocked, to the censorship of some prohibited speech… then today all of a sudden, we have no account.” — Reuters

AC Energy says close to reaching balanced mix of renewables, geothermal

AC ENERGY, Inc. is close to reaching an equal share of renewables and thermal energy capacity in its portfolio among its operating plants as of 2018, its top official said.
“You’d be surprised. We’re close to 50-50. Very close. I’m talking about actual electrons being produced. It doesn’t include projects under construction,” AC Energy Chief Executive Officer Eric T. Francia said in a media round table at the company’s head office in Makati City.
The Ayala Corp. energy investment platform has 1.7 gigawatts (GW) or 1,700 megawatts (MW) of operating energy capacity. It had targeted installing 1,000 MW of renewable energy by 2020 but had stopped talking about that goal as it sets its sights on a new target of 5GW by 2025 from a balanced mix of renewables and thermal assets.
“Our geothermal investment is 126 MW attributable at a 90% plus capacity factor. That offsets Mariveles [plant] where we also have 126 MW. So SLTEC (South Luzon Thermal Energy Corp.) now is offset by all other renewables. Our wind projects in Indonesia and the Philippines and then our solar project more or less offset the SLTEC [capacity]. So we’re in a nice position,” he added.
The current figure is set to change when its big coal-fired power plant projects come online in the coming months and years.
“I’m actually proud of this. This is our objective for 2025 to be at least 50% renewables, we’re not far from that today in terms of actual operating assets, which is the great news,” Mr. Francia said.
“Now having said that, if we didn’t do anything active because of the power plants under construction once Kauswagan comes in next year, once Dinginin [comes in], imagine if we did not sell to Aboitiz, that’s where you get your 80% plus thermal 20% renewables and it’s gonna be hard to catch up,” he added.
Mr. Francia was referring to GNPower Kauswagan Ltd. Co., which is building in Kauswagan, Lanao del Norte a clean pulverized coal-fired power generation facility with four units, each with a capacity of 138 MW or a total of 552 MW.
GNPower Dinginin Ltd. Co. is building two identical units of 668 MW coal-fired power plant in Sitio Dinginin in Mariveles, Bataan or a total of 1,336 MW.
In September this year, AC Energy announced that it had sold to Aboitiz Power Corp. up to 60% of its economic stake in AA Thermal, Inc., the Ayalas’ thermal platform in the Philippines.
The platform initially consists of its partnership interests in GNPower Dinginin and GNPower Mariveles Coal Plant Ltd. Co., which has a capacity of 632-MW.
AC Energy has yet to find a partner for the Kauwagan project.
Mr. Francia said the selldown was meant to pre-empt coal’s greater dominance in the company’s portfolio mix.
“Before that happens let’s try to proactively manage it. Let’s accelerate our renewables that’s why we’re going big on Vietnam, going big on Australia. I wish we could go big on Philippines soon but it’s not practical for many reasons,” he said.
“So this selldown of AA Thermal to Aboitiz helps balance our portfolio and then you all know it’s been widely reported that there’s quiet a bit of interest in the balance of our portfolio, including Mindanao. So if and when that happens then hopefully we can sort of maintain this balance that we have now in 2018, we can maintain that all the way to 2025,” Mr. Francia said. — Victor V. Saulon

Higher same-store sales lift Puregold’s net income

EARNINGS of Puregold Price Club, Inc. improved by 9% in the third quarter of 2018, driven by higher consumer spending on account of higher take-home pay under the tax reform law.
In a regulatory filing, the Lucio L. Co-led firm said net income went up to P1.54 billion in the July to September period. This followed a 15.5% uptick in net sales to P35.79 billion in the same period.
On a nine-month basis, the listed firm recorded an 18% jump in earnings to P4.62 billion after system-wide net sales jumped 14% to P99.82 billion.
Puregold attributed the positive performance for the first nine months to strong same store sales growth (SSSG), which stood at 5.8% for its Puregold stores and 8.8% for S&R outlets.
“We are optimistic that we will be able to sustain our SSSG in the last quarter of 2018 to be driven by higher consumer spending fueled by higher levels of take-home pay as a result of the tax reform law,” the company said.
Aside from positive SSSG figures, it further noted that the new stores opened in 2017 were in full swing this year, contributing to the overall increase in net sales.
Given Puregold’s positive performance, its parent Cosco Capital, Inc. delivered a 17% increase in attributable profit to P1.31 billion during the third quarter. Net income attributable to the parent accordingly went up by 16% to P3.97 billion in the nine-month period.
Cosco reported a 27% increase in revenues to P42.94 billion in the three months ending September, pushing the nine-month figure to P119.27 billion, 17% higher year-on-year.
Aside from Puregold and S&R Membership Shopping Club, Cosco also has a liquor distribution business under its portfolio where it sells the Alfonso Light Brandy and Alfonso Brandy, among others. This segment generated a 40.4% increase in revenues to P5.7 billion, after posting a 42% increase in volume of cases sold.
Meanwhile, Liquigaz Philippines Corp., which handles its specialty retailing segment, saw its revenues rise by 38% to P12.4 billion. It cited the recovery in global LPG prices and higher sales volumes as the growth drivers for the period.
In October, Cosco divested its entire stake in Liquigaz.
Shares in Puregold ended flat at P42 each on Wednesday, while shares in Cosco were also unchanged at P7 apiece. — Arra B. Francia

Rebisco marks its 55th anniversary by going artistic with its cookie tin packaging

ROEL OBEMIO’s design for one of the four special edition Rebisco tins marking the company’s 55th anniversary.

JUST ABOUT every Filipino is introduced to Rebisco products at a young age — from finding the snacks in their school lunch bag to receiving a can of assorted biscuits from relatives during special occasions. This year, the company marks its 55th year with the launch of special edition designer biscuit tins.
In 1963, Republic Biscuit Corp. (Rebisco) began in a neighborhood bakeshop in old San Juan as the England Biscuit Factory. It came with brands such as Crema (cream biscuits) and Sodatine (plain soda crackers). It was in 1972, after it moved to a bigger factory in Quezon city, that it became to be known as Rebisco.
“Every Pinoy family has a story to tell and through the years, we make these stories come to life through our products. Rebisco’s Special Edition Designer Cans support local not only through taste, but through art,” Lulu dela Peña, marketing communications head of Rebisco, said in a press release. “We at Rebisco believe that life is a constant journey of growing and refining who we are. Thus, we find a new twist to an old product to rekindle interest for it while continuing our tradition to let the tin can serve as an art canvas that tells the stories and values of Filipino families.”
These cans have a life in a household long after the cookies have been consumed. “Sometimes, even when the contents [of the can] are finished, we see it in the household [used] as rice containers and flower pots. It has taken an important part in our life,” Ms. Dela Peña told BusinessWorld at last week’s launch in Wack Wack Golf and Country Club.
The food company collaborated with four artists — Migs Villanueva, Aris Bagtas, Roel Obemio, and Joseph Bañez — for the designs of the special edition cans.
All the artworks depict family-themed images. Villanueva’s artwork depicts togetherness through a family storytelling session; Bagtas’ work focuses on a family get together); Obemio’s signature chubby characters are engaged in outdoor activities; and Bañez’s work features Filipino games.
“We put so much value on family. We put the consumers right in the center of what we do,” Ms. Dela Peña said.
The special edition cans contain an assortment of nine Rebisco cookies, crackers, and wafers including the Rebisco lemon sandwich, Rebisco crackers, Choco Mucho cookies, and Hansel crackers.
The Rebisco special edition designer cans are available nationwide at Robinsons, Puregold, Waltermart, Rustan’s, and Shopwise supermarkets for P175. They will be available for order online at www.honestbee.ph starting Nov. 15. — Michelle Anne P. Soliman

Metrobank Q3 income up on core business’ strength

METROPOLITAN Bank & Trust Co. (Metrobank) saw its net income grow in the third quarter on the back of the strong performance of its core businesses.
In a regulatory filing on Wednesday, the Ty-led Metrobank said it posted P5.7 billion in net earnings in the July-September period, 55% higher than the P3.7 billion recorded in the same period last year.
This brought Metrobank’s nine-month income to P16.8 billion, up 27% year-on-year.
The bank attributed the robust growth to the “solid performance of the core business” as margins were lifted higher by the double-digit growth in loans and current and savings account (CASA) ratio, while keeping the increase in operating expenses at a manageable level.
Metrobank’s net interest income was at P51 billion in the first nine months of the year, accounting for bulk of the bank’s total revenue of P68.4 billion.
Its loan portfolio stood at P1.3 trillion as of end-September, growing by 15% from the year-ago level. This was led by the commercial segment at 17%, driven by the “consistent” performance by its corporate accounts, middle market and small business segments.
“Demand continues to be positive in the manufacturing, wholesale and retail trade and real estate sectors,” according the bank’s disclosure to the local bourse.
On the funding side, total deposits grew to P1.5 trillion as of end-September, inching up by 5%. Meanwhile, the bank’s CASA ratio was maintained at 62%.
Meanwhile, non-interest income rose 4% to P17.4 billion, supported mainly by the P10.2 billion in service fees and commissions as well as income from trust operations, up 11%.
Net trading and foreign exchange gains as well as miscellaneous income also contributed to Metrobank’s non-interest income at P2.1 billion and P5.1 billion, respectively.
“Fee-related revenues benefitted from steady customer-driven flows and boosted by the large corporate deals that were booked in the early part of the year,” Metrobank noted.
Operating expenses was kept within the bank’s guidance at P33 billion, up 10%. Manpower-related costs grew 12% to P16 billion, while the balance was spent for Metrobank’s continuous efforts to improve its system and processes.
Meanwhile, expenses for taxes and licenses stood at P6.3 billion, which included the new requirements under the new tax regime implemented this year.
Asset quality metrics remained healthy and above industry average, as Metrobank’s non-performing loans (NPL) ratio was “relatively flat” at 1.2% from 1.1% in the previous quarter, with NPL cover maintained at 110%.
The bank also set aside P5.2 billion in provisions for credit and impairment losses due to the impact of Philippine Financial Reporting Standards 9 adopted this year.
Metrobank’s net interest margin for the nine-month period stood at 3.88%, higher by nine basis points than the year-ago level. It was also higher than the 3.77% recorded in the first half of the year.
The bank’s assets totalled P2.1 trillion, with equity at P277.5 billion. Total capital adequacy ratio was at 17.8%, while its common equity Tier 1 ratio at 15.2%.
In the statement, Metrobank Chairman Arthur V. Ty said the lender’s strong performance during the nine-month period is “very encouraging” amid inflation concerns and rising interest rates.
“Credit demand remains healthy and the bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability,” Mr. Ty was quoted as saying. “We will continue to be a key player in the country’s economic development, anchored on our long-term strategy of growth, good governance and sustainability.”
Last week, the bank raised P10 billion in fresh funds through fixed-rate bonds, which is part of its P100-billion bond and commercial paper program.
The issuance, which carry an interest rate of 7.15% and a two-year tenor, was the first by a local bank since the monetary authority allowed lenders to tap the capital market as a funding source without having to secure its approval.
Metrobank shares closed Wednesday’s session at P67 apiece, up P2.20 or 3.4%. — Karl Angelo N. Vidal

Ripple aiming to overtake SWIFT banking network

RIPPLE LABS INC., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the SWIFT banking network, Chief Executive Officer Brad Garlinghouse said.
The SWIFT, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have long been used by banks, individuals and businesses to send and receive money. Ripple was in the headlines in September when XRP, its cryptocurrency commonly referred to as Ripple, rallied briefly before declining again.
Blockchain technology can eliminate the need for a central standardized system, because it works as a public ledger, enabling the digital transfer of money without the need to route it through accounts at banks and financial institutions.
“The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market,” Garlinghouse said in an interview with Bloomberg TV on the sidelines of an event in Singapore. “SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
Ripple Labs says it has more than 100 banks and payment providers on its RippleNet network, including Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, according to its website. Garlinghouse also said that speculation within the blockchain industry of a potential link-up between Ripple and SWIFT wasn’t true.
“What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT,” he said. — Bloomberg

Lecture and book launch


THE AUTHOR James Hamilton-Paterson will give a talk on “The Writer As Misanthropist,” followed by a conversation with Jessica Zafra, at the launch of the 30th anniversary reprint of his book Playing With Water: Passion and Solitude on a Philippine Island, published by the ADMU Press, this afternoon from 5 to 7 p.m., at the 2nd floor Art Wing of the new Arete complex (just inside Gate 3), Ateneo de Manila University, Quezon City. Playing With Water will be available after its launch at the ADMU Press Bookstore, Popular Bookstore and Solidaridad, and can be ordered online from Ateneo and Shopee.

Property firms post double-digit income growth

LISTED property companies showed double-digit earnings growth in the first nine months of September, benefiting from their expansion strategies.
DoubleDragon Properties, Corp., Cebu Landmasters, Inc. (CLI) and Century Properties Group, Inc. (CPG) reported in separate disclosures to the stock exchange that their net income grew by 10%, 27%, and 23%, respectively.
DOUBLEDRAGON
DoubleDragon’s consolidated earnings went up 10% to P1.54 billion in the nine-month period, on the back of a 15.5% increase in revenues to P4.72 billion.
The revenue increase comes amid the company’s shift toward expanding its recurring income portfolio, which now accounts for 43.1% of total revenues versus a 19% contribution in the same period a year ago. It aims to further increase recurring revenue up to 90% by 2020.
DoubleDragon’s rental income jumped by 270% to P1.66 billion, thanks to higher mall occupancy which stood at 96% and office buildings being fully leased out.
As of October, DoubleDragon had 36 community malls, keeping it on track to have 50 malls by end-2018.
Hotel revenues from its Hotel 101 and Jinjiang Inn branches also gained 19.6% to P377.8 million.
No third quarter figures were immediately available for DoubleDragon.
CEBU LANDMASTERS
Cebu Landmasters, Inc. (CLI) delivered a 29% increase in earnings for the three months ending September to P395.52 million, following revenues of P1.07 billion, 12% higher year-on-year.
With this, the Cebu-based property developer boosted nine-month earnings by 27%to P1.22 billion. This can be attributed to the strong sales of residential properties, complemented by the progress of projects being constructed in Cebu and Cagayan de Oro.
Revenues from January to September surged by 33% to P3.7 billion, which CLI Chairman and Chief Executive Officer Jose Soberano II noted still does not include P2 billion worth of investments financed by its initial public offering last year.
“Once these projects start contributing to our revenues, we expect CLI’s performance to achieve new levels… We will sustain growth by aggressively addressing the needs of underserved markets,” Mr. Soberano said in a statement.
CENTURY PROPERTIES
For Antonio-led CPG, net income climbed to P660.96 million in the first nine months, against P538.74 million in the same period a year ago. At the same time, P7.5 billion worth of revenues were realized, 45% higher year-on-year.
CPG registered 84% higher earnings to P171.11 million in the third quarter alone, while revenues picked up 55% to P2.81 billion.
The company attributed the profit growth to higher sales of condominium units, accompanied by price increases implemented in the third quarter. Its in-city developments such Azure South Projects Boracay and Bahamas projects drove sales for the period, while projects in the affordable also contributed P752.05 million.
Property companies who earlier disclosed their nine-month performance also showed double-digit growth. Ayala Land, Inc. grew its net income by 17% to P20.78 billion, after revenues jumped 21% to P119.7 billion.
Sy-led SM Prime Holdings, Inc. also generated higher earnings to P26.2 billion, 10% higher year-on-year following 10% revenue growth to P307.4 billion.
Robinsons Land Corp. delivered P6.55 billion worth of earnings, 43% higher from the same period a year ago. The Gokongwei-led firm saw a 31% uptick in revenues to P21.8 billion as well. — Arra B. Francia

BPI books higher net profit in the third quarter

BANK OF THE Philippine Islands (BPI) reported a higher net profit in the third quarter on the back of double-digit net interest income growth.
In a disclosure to the local bourse on Wednesday, the Ayala-led bank said its net income ended at P5.98 billion in the July-September period, 12% higher than the P5.36 billion logged a year ago.
This brought BPI’s net earnings for the first nine months to P17.01 billion, flat from last year.
The lender’s revenues grew by 7.3% to P56.89 billion in the nine months ended September, driven by the 15.1% year-on-year increase in its net interest income, which stood at P40.88 billion.
Meanwhile, BPI’s net interest income in the third quarter grew 21% from a year ago.
Interest income from loans grew 24.2% year-on-year, as the yield on its interest-earning assets improved by 37 basis points (bp).
However, this was partially offset by a 24-bp increase in funding costs due to higher time deposit rates and documentary stamp taxes on deposits following the implementation of the first tranche of the Tax Reform for Acceleration and Inclusion Act this year.
Total loans stood at P1.27 trillion, up 12.9% in a comparable year-ago period, on the back of strong growth in corporate and credit card lending at 13.7% and 22%, respectively.
Total deposits on the other hand was at P1.54 trillion, 2.5% higher from a year ago, with current and savings accounts (CASA) booking a 6.4% growth.
BPI’s CASA ratio was at 74%, while its loan-to-deposit ratio stood at 82.2%.
The bank’s net interest margin (NIM) stood at 3.24% in the third quarter, higher than the 3.1% in the second quarter and 2.91% in the first quarter, due to “favorable” loan repricing following the policy rate hikes implemented by the central bank since May.
“This trend is reflective of the bank’s proactive balance sheet and funding strategies in response to changes in the interest rate environment,” BPI added.
On the other hand, BPI’s non-interest income stood at P16.01 billion, declining 8.7% from the P17.54 billion logged in the same period last year, due to lower securities trading gains, trust and investment management fees, insurance income and asset sales. However, the bank registered higher fee-based income from its credit card, deposit and rental businesses.
Meanwhile, the bank set aside P2.84 billion in provisions for loan losses in the first nine months, 21.2% lower year-on-year.
BPI’s non-performing loan ratio increased slightly to 1.82% as of end-September from the 1.8% recorded last June, with a reserve cover ratio of 95.7%.
Operating expenses amounted to P32.08 billion year-to-date, up 15.2% from a year ago, due to the accelerated spending of the bank to support its digitalization strategy and the expansion of its small and medium business lending arm BPI Direct BanKo.
Return on equity was 10.4%, 2.7 percentage points lower from last year, while return on assets also declined by 0.12 percentage point to 1.2%.
Cost-to-income ratio was at 56.4% as of September, up from 52.5% the previous year.
Overall, the bank’s assets stood at P1.96 trillion as of end-September, up 8.9%, while total capital was at P245.93 billion, higher by 37.4% driven by its P50-billion stock rights offer in May.
Capital adequacy ratio was at P16.99%, while its common equity Tier 1 ratio stood at 16.09%.
BPI raised $600 million in the international bond market in August through a drawdown from its $2-billion medium-term note program. The five-year senior unsecured fixed rate S notes, which carry 4.25% coupon rate, was listed on the Singapore Stock Exchange with a “Baa2” rating assigned by Moody’s Investor Service, a notch above the minimum investment grade.
The bank is also set to raise P50 billion through peso-denominated bonds or commercial papers as approved during its Sept. 19 board meeting.
BPI shares gained P2.80 or 3.51% to close at P82.60 each on Wednesday. — Karl Angelo N. Vidal

GoBear, CredoLab partner on credit scorecard app

SINGAPORE-BASED GoBear and CredoLab have partnered on an app that aims to reach the 16.8-million underbanked Filipino people.
In a statement, the companies said the Easy Apply app will utilize CredoLab’s artificial intelligence-based proprietary algorithms that extract and analyze data from applicants’ smartphones called “digital footprints.” These will then be turned into scorecards to be used in their credit card, loan, or insurance applications.
“More than 77% of Filipinos remain unbanked; less than 2% own a credit card. We strongly believe that through our partnership with CredoLab, we can drastically improve those numbers, and more importantly, provide further opportunities to the vast majority of Filipinos who deserve competitive credit services and yet have very limited access to them. We are very excited to bring this technology to our partners and help them reach a previously untapped audience,” Maria Java, country director of GoBear Philippines, was quoted as saying in the statement.
Users will need to go through GoBear’s Easy Choices, which will them understand what products suit their profile, before downloading and installing Easy Apply.
Easy Apply will also be launched in other countries, such as Indonesia, Thailand, and Vietnam.
“We are excited to be partnering with GoBear to help banks profitably serve their customers including the underbanked. Since our launch in 2016, through our use of non-traditional alternative data points, we have seen a significant drop in cost of risk, helped reduced the time-to-yes to a few seconds, and achieved almost 45% increase in approval rates,” Peter Barcak, co-founder and chief executive officer of CredoLab, said in the same statement. “I am optimistic that we can achieve similar results through this partnership.” — VMPG

Bill on Islamic banking framework okayed on 2nd reading

THE HOUSE of Representatives, via voice voting, approved on second reading on Tuesday a bill proposing to establish a regulatory framework for Islamic banks.
House Bill 8281, An Act Providing for the Regulation and Organization of Islamic Banks, mandates the Bangko Sentral ng Pilipinas (BSP) to supervise, license and regulate Islamic banks like universal banks.
“With this imminent new law, there will be more Islamic banks not just for Mindanao but also for the rest of the country,” Leyte-2nd district Rep. Henry C. Ong, who also chairs the House Committee on Banks and Financial Intermediaries, said in a statement.
“The establishment of more Islamic banks, especially those based here in Southeast Asia and in the Middle East, will make available to the Filipino people, especially the over 10 million Filipino Muslims, a vast array of banking, lending, and investment products and services.”
The bill authorizes the establishment of Islamic banks and allows conventional banks to engage in Islamic banking, provided that these lenders put in place a system that will segregate their Islamic banking units from their regular business.
Under the measure, Islamic banks are allowed to perform banking services, such as in accepting or creating current, savings accounts, and investment accounts, accept foreign currency deposits, and act as correspondent banks and institutions among others.
The banks shall also constitute a Shari’ah Advisory Council to render advice and review applications of the Shari’ah principle.
The bill also states that tax treatment between Islamic banking transactions and equivalent conventional banking transactions should remain neutral. — C.A. Tadalan

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